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The country's curve has rallied since the US and Iran agreed on a peace MoU
Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Karachi, November 29, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of Pakistan Security Printing Corporation (Pvt.) Ltd. (PSPC) at ‘AAA’ (Triple A) with a ‘Stable’ outlook. Short-term rating has also been reaffirmed at ‘A-1+’ (A-One Plus).
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Karachi, November 29, 2011: JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength Rating of EFU General Insurance Limited (EFU) at ‘AA’ (Double A). Outlook on the assigned rating is ‘Stable’.
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The Islamic bond sector's strength in recent weeks has set it in sharp relief with the tumult in the rest of the international capital markets. But amid the growing fervour for sukuk issues there is a risk that those looking to this growing market are already getting ahead of themselves.
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November has been a key month in the resurgence of the international sukuk market, with four major deals in particular bringing some $2.75bn worth of issuance. These dollar-denominated benchmark sukuk from Indonesia, Bahrain, Abu Dhabi Commercial Bank and, most recently, Abu Dhabi Islamic Bank appear to have only paved the way for further issuance, with names like Albaraka Turk, Majid Al Futtaim (MAF) and Al Hilal Bank possibly looking to follow soon.
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Fitch said it has withdrawn the expected B+ rating it previously assigned to the proposed sukuk of Turkish participation bank issuer Bank Asya . This follows the bank's decision to put the sale on hold because of the market environment. Asya had been looking to issue a sukuk of up to $300m. The bank said on Thursday, October 20 that it had mandated UBS and Citi for meetings with investors for a potential five year dollar sukuk, but underlying markets in Europe have progressively worsened since. This week core treasuries hit new record wides and even Germany's 10 year auction was deemed a failure by many traders.
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UK-based recent start-up Solum Asset Management is planning to launch a 'کstudent accommodation investment sukuk' in the first quarter of 2012. It claims this will be the world's first investment sukuk, using only equity rather than debt, as well as the first Shariah-compliant fund investing in UK student accommodation.